New Jersey-based Covanta Holding Corp. has posted a fourth quarter 2013 net income loss of 66 per cent down to $28 million compared to the same period in 2012 at $83 million.
The primary driver for the decline was lower construction revenue due to its Honolulu facility expansion in 2012, the company said in a statement.
Q4 revenue for the company dropped two per cent to $422 million from $429 million in 2012. For the year, revenue slipped one per cent to $1.63 billion from $1.64 billion in 2012.
“In 2013, we took a number of concrete steps to create long-term value, most notably signing a 20-year waste contract with New York City, acquiring the Camden (N.J. waste-to-energy) facility, extending several municipal client contracts and investing in numerous metal recovery systems," said Anthony Orlando, Covanta president and CEO, in a statement.
For 2014, Orlando added, “We are focused on optimizing our energy-from-waste business by continuing to provide great customer service, extending contracts, executing our proactive maintenance program, increasing metal recovery and growing our sustainable waste solutions business.”
For Covanta’s full financial results, please click here.